Navios Maritime Partners L.P. reported its financial results for the first quarter ended March 31, 2025, with revenues of $304.1 million, a 4.6% decrease from the same period in 2024. Net income for the quarter was $41.7 million, and earnings per common unit stood at $1.38. Adjusted EBITDA also saw a decline, decreasing by $10.8 million to $153.5 million compared to the first quarter of the previous year.
The company continued its fleet modernization and capital allocation strategies. As of May 1, 2025, Navios Partners repurchased 423,984 common units in 2025 for $16.1 million. Fleet updates included agreeing to sell three older vessels for $34.7 million, with two sales completed by April 2025. Concurrently, the company took delivery of two 2025-built aframax/LR2 tankers and two 2025-built LNG dual fuel 7,700 TEU containerships, all secured with long-term charters.
In financing news, Navios Partners extended the maturity of a $45.4 million sale and leaseback transaction for 11 containerships to the first quarter of 2029. The company also entered into interest rate swaps for a notional amount of $87.9 million in February 2025, effectively fixing 30% of its debt and bareboat liabilities at an average interest rate of 5.5%. These actions aim to manage financial risk and ensure stable cash flows, contributing to a contracted revenue backlog of $3.4 billion through 2037.
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